Bosch site buyer's profits surge

Strong growth in the Far East has contributed to a near 50 per cent surge in first half profits at Renishaw, the engineering business which bought the former Bosch factory in South Wales.

Renishaw last year opened a site at the former Bosch car parts factory near Miskin in South Wales. It the company's interim report, it said refurbishment of an additional 66,000 sq ft of space at the site is ongoing.

In the six months to 31 December 2012, Renishaw posted a pre-tax profit of £46.2m, up from £31.2m a year earlier. Revenues also jumped 18 per cent to £174.2m for the same periods.

The group, which makes industrial measuring equipment, attributed much of the growth to a number of large orders in China from the consumer electronics market in the first quarter.

However, it cautioned that such "irregular" orders produce a distorting effect and it was more difficult to predict the size and timing of forthcoming orders.

"Despite continuing global economic uncertainties and short-term fluctuations in activity levels, we continue to invest in our business with confidence to position it for sustainable long-term growth."